IFRS remains at the top of executive management and board/audit committee agendas for the vast majority of Canadian companies—and certainly for those that recall the challenges they faced in 2011 when the first phase of IFRS implementation hit.
Regardless of industry, companies large and small are dealing with an impending tidal wave of IFRS implementation challenges. The current initiative spans four new standards (IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases and IFRS 17 Insurance Contracts) and many companies will have to implement most or all of them simultaneously. Both management and boards/audit committees will have to up their game to get the job done.
Our publication Ready? Or not: The next phase of IFRS, KPMG specialists on every aspect of IFRS implementation outline the key aspects of each new standard; explore organizational impacts beyond financial reporting, including technology, tax, investor relations, covenant recognition and HR/compensation; and provide management and boards/audit committees with questions tailored to help them meet the coming IFRS storm.
We encourage you to bookmark this page for critical IFRS initiatives and to download a copy of the report. Below, you will also find links to other valuable IFRS resources that may be of interest to you and your organization.
A new global framework for revenue recognition